Pebblebrook Pays $113M for Embassy Suites San Diego
By Alex Girda, Associate Editor
Pebblebrook Hotel Trust has added the Embassy Suites San Diego Bay to its portfolio after paying $112.5 million for the 337-key hotel. The acquisition of the full-service, upper-upscale hotel expands Pebblebrook’s portfolio to 26 properties valued at about $2.1 billion.
As part of the deal, the REIT assumed a $66.8 million secured, non-recourse loan, with the balance of the purchase price being funded through available cash.
Embassy Suites San Diego Bay, which will be managed by HEI Hotels and Resorts, operated at 83 percent occupancy in 2012. Completed in 1988, the property underwent its most recent major renovation in 2006. A $3.5 million overhaul of the guest suites was completed last spring.
Located Downtown at the intersection of Harbor Drive and Pacific Highway, the hotel is within walking distance of such attractions as the San Diego Convention Center, the Gaslamp Quarter, Seaport Village, Petco Park and Horton Plaza Shopping Mall. Distinctive features of the property include a 12-story atrium and panoramic views of the bay and the city.
Standard guestroom amenities feature a 37- or 42-inch flat-screen TV, microwave, mini-refrigerator, coffee maker, and high-speed Wi-Fi Internet access. Hotel facilities include 5,000 square feet of meeting space, the PFC Bar & Grill, 3,411 square feet of retail space and an indoor heated swimming pool and whirlpool.
Tags: Acquisitions/Dispositions, Commercial, Embassy Suites San Diego Bay, Finance/Investment, Financiers, HEI Hotels and Resorts, Hospitality, hotel acquisition, Investors, Local, Owners, Pebblebrook Hotel Trust, Professional, REIT, San Diego hospitality, San Diego Lead Story